You are here » Home » Companies » Company Overview » Chemo Pharma Laboratories Ltd

Chemo Pharma Laboratories Ltd.

BSE: 506365 Sector: Health care
NSE: N.A. ISIN Code: INE320M01019
BSE LIVE 11:52 | 06 Dec 24.00 0.95
(4.12%)
OPEN

24.00

HIGH

24.00

LOW

24.00

NSE LIVE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 24.00
PREVIOUS CLOSE 23.05
VOLUME 100
52-Week high 38.60
52-Week low 13.20
P/E 15.38
Mkt Cap.(Rs cr) 3.60
Buy Price 22.00
Buy Qty 60.00
Sell Price 0.00
Sell Qty 0.00
OPEN 24.00
CLOSE 23.05
VOLUME 100
52-Week high 38.60
52-Week low 13.20
P/E 15.38
Mkt Cap.(Rs cr) 3.60
Buy Price 22.00
Buy Qty 60.00
Sell Price 0.00
Sell Qty 0.00

Chemo Pharma Laboratories Ltd. (CHEMOPHARMALAB) - Auditors Report

Company auditors report

TO THE MEMBERS OF CHEMO PHARMA LABORATORIES LTD.

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of Chemo PharmaLaboratories Ltd. ('the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Standalone financial Statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statement.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by Companies (Auditors Report) order 2016 ('the order') issued byCentral Government of India in terms of sub section 11 of section 143 of the Act we givein the "Annexure A" statement on the matters specified in paragraphs 3 and 4 ofthe order

2. As required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B" and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

FOR BATLIBOI & PUROHIT
Chartered Accountants
ICAI Firm Regn. No.101048W
Sd/-
Paresh Chokshi
Place: Mumbai Partner
Date: 30th May 2016 Membership No.33597

Annexure A to the Independent Auditor's Report

The Annexure referred to in Independent Auditors Report to the members of the Companyon the Standalone Financial Statement for the year ended 31st March 2016 wereport that ;

(i) The Company does not have any fixed assets accordingly. The paragraph 3(i) of theorder is not applicable.

(ii) The Company does not have any inventories accordingly. The paragraph 3(ii) of theorder is not applicable.

(iii) The Company has not granted any loans secured or unsecured to Companies FirmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act. Accordingly paragraph 3 (iii) (a) (b) and (c) of theOrder are not applicable to the Company.

(iv) In our opinion and according to information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respect tothe loans and investments made.

(v) The Company has not accepted any deposits from the public.

(vi) To the best of our knowledge and as explained central Government has notprescribed maintenance of cost records under sub-section (1) of section 148 of theCompanies Act;

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amount deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Provident Fund Income-TaxSales-Tax Value added Tax Duty of Customs Service Tax Cess and other materialStatutory dues have been regularly deposited during the year by the Company with theappropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Income-Tax Sales Tax Value added Tax Duty ofCustoms Service Tax Cess and other material Statutory dues were in arrears as at 31stMarch 2016 for a period of more than six months from the date they become payable.

(b) According to the information & explanations given to us the dues in respect ofsales tax income tax custom duties wealth tax excise duty and cess that have beendeposited with the appropriate authorities exept in cases where there is a dispute. Thedetails of dispute and the forum where such disputes are pending is given below:

Name of the Statute Nature of the dues Amount (Rs.) Forum where dispute is pending
Central Sales Tax Maharashtra Sales Tax Central sales tax & Maharashtra Sales Tax 1805093 Appeal before sales tax authority
Income Tax Act Penalty Tax 6047659 Appeal before ITAT
Income Tax Act Income Tax 3177291 Appeal before ITAT
Central Sales Tax Act Central Sales Tax 199542 Company has filed an appeal against the order in High Court
Maharashtra Sales Tax Act Sales Tax 957787 Company has filed an appeal against the order in High Court

(viii) The Company does not have any loans or borrowings from any FinancialInstitution Banks Government or Debenture Holders during the year. Accordinglyparagraph 3(viii) of the order is not applicable.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and Term loan during the year. Accordinglyparagraph 3(ix) of the order is not applicable.

(x) According to information's and explanations given to us no material fraud by theCompany or on Company by its officers of employees has been noticed or reported during thecourses of our audit.

(xi) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not provided managerialremuneration during the year. Therefore paragraph 3(xi) of the Order is not applicable.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

FOR BATLIBOI & PUROHIT
Chartered Accountants
ICAI Firm Regn. No.101048W
Sd/-
Paresh Chokshi
Place: Mumbai Partner
Date: 30th May 2016 Membership No.33597

Annexure - B to the Auditors' Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of ChemoPharma Laboratories Ltd. ("the Company") as of 31 March 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (’ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR BATLIBOI & PUROHIT
Chartered Accountants
ICAI Firm Regn. No.101048W
Sd/-
Paresh Chokshi
Place: Mumbai Partner
Date: 30th May 2016 Membership No.33597

Upgrade To Premium Services

Welcome User

Business Standard is happy to inform you of the launch of "Business Standard Premium Services"

As a premium subscriber you get an across device unfettered access to a range of services which include:

  • Access Exclusive content - articles, features & opinion pieces
  • Weekly Industry/Genre specific newsletters - Choose multiple industries/genres
  • Access to 17 plus years of content archives
  • Set Stock price alerts for your portfolio and watch list and get them delivered to your e-mail box
  • End of day news alerts on 5 companies (via email)
  • NEW: Get seamless access to WSJ.com at a great price. No additional sign-up required.
 

Premium Services

In Partnership with

 

Dear Guest,

 

Welcome to the premium services of Business Standard brought to you courtesy FIS.
Kindly visit the Manage my subscription page to discover the benefits of this programme.

Enjoy Reading!
Team Business Standard